Truth Social, the social media platform owned by Trump Media & Technology Group, has denied rumors that it is launching a memecoin, following a wave of speculation sparked by crypto influencer Ran Neuner.
“Contrary to rumors, Truth Social is not launching a memecoin,” the official Truth Social account posted, dispelling the claims. Donald Trump Jr. also weighed in on the rumors, warning followers on X that the information circulating was false, urging people not to be misled by the rumors.
The speculation began when Neuner, who hosts the Crypto Banter podcast, tweeted that Truth Social would be launching its own memecoin within 72 hours. He suggested the token could be backed by the same team behind the TRUMP token. Cointelegraph reached out to Neuner for clarification but did not receive a response at the time of publication.
This isn’t the first time the Trump family has been linked to the world of cryptocurrencies. Former President Donald Trump has been vocal about his pro-crypto stance and has previously launched the TRUMP token. His wife, Melania Trump, also introduced the MELANIA token. However, these moves have stirred controversy.
Trump’s decision to invite top holders of the TRUMP token to a special gala dinner on May 22 has sparked criticism, including calls for impeachment from US senators. Additionally, concerns were raised after a Bloomberg report revealed that many top holders of the TRUMP token are not based in the US. Of the 220 wallets holding over 13.7 million TRUMP tokens, some appear to be linked to Tron founder Justin Sun and Tesla CEO Elon Musk, both of whom are known to be Trump supporters.
The TRUMP token, which hit an all-time high of $73.43 in January, has seen a sharp decline, down more than 80%. As of the latest data, the token is trading at around $12.52, though it has seen a slight rebound, up 14% in the past week.
